On July 12, 2019, Illinois Governor Pritzker signed into law the Illinois Trust Code. On January 1, 2020, the current Illinois Trust and Trustees act was completely repealed and replaced with this new law that brings significant changes to the current Illinois trust law regime. So estate planning attorneys will likely need to review and revise current estate planning instruments to ensure clients’ estate plans comply with the new law. We’re definitely doing that and if you would like your estate plan reviewed, contact us.
In the interim, we’ll be sharing insights about the effects of the new law on the Revocable Living Trust.